Nam Cheong reveals plans to place out 190m ordinary shares
Shares are priced at S$0.255 each.
According to OCBC, Nam Cheong has proposed to place out 190m new ordinary shares at S$0.255 each (12% discount to yesterday’s closing at S$0.285) to raise about S$47m in net proceeds.
"The proceeds will be used to mainly finance expenditure for its shipbuilding projects and vessel chartering business. The placement will be subject toSGX ap proval, and assuming successful, there will be a 10% dilution," OCBC added.